Representative Beyer welcomes new Q3 economic data

U.S. Representative Don Beyer of Falls Church, Chairman of the Joint Economic Committee of the U.S. Congress, issued the following statement after the Bureau of Economic Analysis (BEA) announced that its initial estimate of gross domestic product (GDP) for the third quarter increased by 2.6% on an annualized basis. base.

“An even better than expected GDP report is the result of an economic agenda focused on workers, families and small businesses. Real GDP has now recouped all of the losses suffered from the declines in the first and second quarters, and the pandemic imbalance between goods and services that so hampered our supply chains is normalizing.

“Driven by continued growth in consumer spending and business investment that beat expectations, the GDP data reflects confidence in the resilience of the US economy. We see companies expanding their operations despite economic headwinds, as CHIPS and science law investments further support domestic production in key industries and boost manufacturing jobs across the country.

“Even as global inflation robs workers and families of the full benefits of this recovery, today’s data shows that our economy is moving forward.

“And while Republicans threaten to default on debt and wreak economic disaster to gut Social Security and Medicare, Democrats are passing legislation to help create better-paying jobs, cut out-of-pocket spending and attacking corporate interests. The U.S. bailout has paved the way for our historically rapid recovery, and the Cut Inflation Act is helping ordinary workers and families keep more of their revenues while ensuring that the wealthy and corporations cannot evade or avoid paying what they owe.

Jerry B. Hatch